136.All of the adhering to statements regarded present liabilities for UNITED STATE GAAP and IFRS are true except:    

A.The interpretations and also features of present liabilities are broadly equivalent for both U.S. GAAP and also IFRS.

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B.The term provision is commonly supplied under IRFS to describe what is titled liability under UNITED STATE GAAP.

C.Due to the fact that taxes regulatory units of countries are various, the technique to recording taxes is completely various.

D.When there is little bit uncertainty neighboring present liabilities, both require companies to record them in a similar manner.

E.When there is a recognized existing duty that entails an unparticular amount, yet one that deserve to be reasonable approximated, both require comparable treatment.

137.All of the adhering to statements related to recording warranty cost are true except:   

A.Recording estimated warranty price adheres to the complete disclosure principle.

B.Warranty expense should be videotaped in the period when the warranty business is perdeveloped.

C.Recording approximated warranty cost follows the equivalent principle.

D.The seller reports a warranty obligation as a licapability.

E.Warranty expenses are probable and also the amount deserve to be estimated.

138.Throughout August, Boxer Company type of sells $356,000 in merchandise that has a one year warranty. Experience reflects that warranty prices average around 5% of the marketing price. The warranty liability account has actually a crmodify balance of $12,800 before adjustment. Customers changed merchandise for warranty repairs during the month that offered $9,400 in components for repairs. The entry to record the approximated warranty price for the month is:   

A.Delittle Warranty Expense $17,800; crmodify Estimated Warranty Licapability $17,800.

B.Debit Warranty Expense $5,000; crmodify Estimated Warranty Liability $5,000.

C.Delittle Warranty Expense $14,400; crmodify Estimated Warranty Licapacity $14,400.

D.Delittle bit Estimated Warranty Licapacity $9,400; crmodify Warranty Expense $9,400.

E.Delittle Estimated Warranty Licapacity $17,800; crmodify Warranty Expense $17,800.

139.Throughout August, Boxer Company sells $356,000 in merchandise that has actually a one year warranty. Experience reflects that warranty expenses average about 5% of the offering price. The warranty licapacity account has a credit balance of $12,800 prior to adjustment. Customers changed merchandise for warranty repairs throughout the month that supplied $9,400 in components for repairs. The enattempt to record the customer warranty repairs is:   

A.Debit Warranty Expense $17,800; crmodify Estimated Warranty Licapability $17,800.

B.Delittle Warranty Expense $9,400; credit Estimated Warranty Licapability $9,400.

C.Debit Warranty Expense $14,400; crmodify Estimated Warranty Licapability $14,400.

D.Delittle Estimated Warranty Licapability $9,400; credit Parts Inventory $9,400.

E.Delittle Estimated Warranty Licapacity $17,800; crmodify Parts Inventory $17,800.

140.Throughout June, Vixen Fur Company type of sells $850,000 in merchandise that has a one year warranty. Experience reflects that warranty prices average about 3% of the marketing price. Customers went back $14,000 of merchandise for warranty replacement throughout the month. The enattempt to record the estimated warranty provision at the finish of the month is:   

A.Delittle Warranty Expense $11,500; crmodify Estimated Warranty Liability $11,500.

B.Debit Warranty Expense $14,000; crmodify Estimated Warranty Liability $14,000.

C.Delittle Warranty Expense $25,500; crmodify Estimated Warranty Licapacity $25,500.

D.Delittle bit Estimated Warranty Liability $14,000; credit Warranty Expense $14,000.

E.Delittle bit Estimated Warranty Licapability $11,500; crmodify Warranty Expense $11,500.

141.During June, Vixen Fur Company sells $850,000 in merchandise that has actually a one year warranty. Experience shows that warranty costs average about 3% of the offering price. Customers reverted $14,000 of merchandise for warranty replacement in the time of the month. The entry to work out the customer warranties is:   

A.Delittle bit Warranty Expense $11,500; crmodify Estimated Warranty Licapability $11,500.

B.Debit Estimated Warranty Licapacity $25,500; crmodify Warranty Expense $25,500.

C.Delittle bit Warranty Expense $14,000; credit Estimated Warranty Licapacity $14,000.

D.Debit Estimated Warranty Liability $11,500; credit Merchandise Inventory $11,500.

E.Delittle bit Estimated Warranty Liability $14,000; credit Merchandise Inventory $14,000.

142.If a firm has actually breakthrough subscription sales totaling $45,000 for the upcoming year as soon as 4 quarterly journals will certainly maibrought about customers, the receipt of cash would be journalized as:   

A.Delittle bit Cash $45,000; crmodify Unearned Revenue $45,000.

B.Delittle Unearned Revenue $45,000; credit Sales $45,000.

C.Debit Cash $45,000, credit Sales $45,000.

D.Debit Sales $45,000, credit Unearned Revenue $45,000.

E.Delittle Prephelp Subscriptions $45,000, crmodify Sales $45,000.

143.A firm has actually development subscription sales totaling $45,000 for the upcoming year once four quarterly journals will certainly maicaused customers. When the firm mails the initially quarterly journal to customers, it should record:   

A.Debit Prepaid Subscriptions $33,750; credit Unearned Revenue $33,750.

B.Delittle bit Unearned Revenue $45,000; crmodify Cash $45,000.

C.Delittle Cash $11,250, crmodify Sales $11,250.

D.Debit Unearned Revenue $11,250, credit Sales $11,250.

E.Delittle Prepassist Subscriptions $11,250, credit Sales $11,250.

144.Carchild Company encounters a probable loss on a pending lawsuit where the amount of the loss is estimated to be $500,000. The journal enattempt to recognize the potential loss is:   

A.Delittle Prephelp Legal Expense $500,000; crmodify Contingent Legal Liability $500,000.

B.Debit Legal Expense $500,000; credit Lawsuit Payable $500,000.

C.Debit Contingent Legal Expense $500,000, crmodify Contingent Legal Licapability $500,000.

D.Delittle bit Lawsuit Payable $500,000, crmodify Contingent Legal Licapability $500,000.

E.No journal enattempt is compelled.

145.On December 1, Watchild Enterprises signed a $24,000, 60-day, 4% note payable as replacement of an account payable with Erikson Company kind of. What amount of interemainder cost is accrued at December 31 on the note?   

A.$0

B.$80

C.$320

D.$960

E.$160

146.On December 1, Watchild Enterprises signed a $24,000, 60-day, 4% note payable as replacement of an account payable through Erikson Company. What is the journal entry that have to be taped upon signing the note?    

A.Delittle bit Accounts Receivable $24,000; crmodify Notes Receivable $24,000

B.Delittle Accounts Payable $24,000; credit Notes Payable $24,000

C.Delittle Accounts Payable $24,160; crmodify Notes Payable $24,160

D.Delittle Notes Payable $24,000; delittle bit Interemainder Expense $160; crmodify Accounts Payable $24,160

E.Delittle Notes Payable $24,000; delittle Interemainder Expense $160; credit Cash $24,160

147.On September 1, Knack Company kind of signed a $50,000, 90-day, 5% note payable with Central Savings Bank. What is the journal entry that need to be taped by Knack upon maturity of the note?    

A.Delittle bit Interemainder Expense $625; crmodify Interemainder Payable $625.

B.Debit Notes Payable $50,000; credit Interest Revenue $625; credit Cash $49,375.

C.Delittle bit Cash $50,625; crmodify Notes Receivable $50,625.

D.Delittle bit Notes Payable $50,625; crmodify Cash $50,625.

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E.Debit Notes Payable $50,000; delittle Interemainder Expense $625; credit Cash $50,625.

148.A company's has actually solved interemainder price of $52,000, earnings taxes expense of $121,000, and net earnings of $281,000. The company's times interest earned proportion equals: